After completing his studies Sarthak decided to enter a business to earn profit and create
employment opportunities in the country. Taking advantage of the startup scheme of the
government, he decided to venture into the business of manufacturing acupressure chairs. He
decided to sell his products not only in India but also abroad.
He establishes his factory in a remote village of Madhya Pradesh and initially employed 20
workers. Being of cautious nature he also insured his machines and factory building against
fire, theft and natural calamities. For the purpose of finance, he obtains a loan from State
Bank of India for creating demand for his products, he gives a contract to an advertising
company.
a) In which category of industry did Sarthak venture into?
b) Name the type of risk against which Sarthak got insurance?
c) He decided to sell his products not only in India but also abroad. Which categories of
trade are being referred here?
d) Sarthak uses a number of auxiliaries of trade. Identify and name them
Answers
Answer:
Techniques of scientific management used by Sandhya to solve the problem were:
(i) Motion Study
- Meaning : It is technique to study the movements that are necessary for doing a well defined job.
- It seeks to eliminate unnecessary and wasteful movements so that it takes less time to complete a job efficiently.
(ii) Time Study
- Meaning : It is a technique to determine the standard time taken by a worker of reasonable skill and efficiency to perform a well-defined job.
- It helps in deciding the number of workers to be employed, frame suitable incentive scheme and determine labour costs.
(iii) Simplification of Work
- Meaning: It is technique to eliminate superfluous varieties, sizes and dimensions of products.
- It leads to reduced inventories, fuller utilization of equipment and increased turnover to reduce costs.
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